REGISTERED COMPANY NUMBER: SC222802 (Scotland)

REGISTERED CHARITY NUMBER: SC032131

Report of the Trustees and

Unaudited Financial Statements For The Year Ended 31 March 2025

for

The Deveron, Bogie and Isla Rivers

Charitable Trust

Page

Report of the Trustees

1

to

2

Independent Examiner's Report

3

Statement of Financial Activities

4

Balance Sheet

5

to

6

Notes to the Financial Statements

7

to

14

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objects are to conserve, protect, enhance and rehabilitate salmon, sea-trout and trout and other indigenous wildlife and to promote the ecological cycle within the Deveron catchment area and to raise people's awareness of conservation and protected areas by commissioning research and publishing the results for the public's benefit.

Achievements and performance

The incoming resources of the charity for the year amounted to £324,189. This includes donations and grants of £219,110 and income from charitable activities of £49,040. The expenditure incurred amounted to £272,025 which, together with a profit of £453 on revaluation of investments, gives rise to an overall surplus of £52,617.

Funds are obtained from several sources including membership fees, grants, donations, charitable auction, gin sales and contracts to allow our priority projects to proceed. This year saw continued funding from the Scottish Invasive Species Initiative (NatureScot)for non-native invasive species control. Several fish/habitat monitoring and fish rescue contracts were again successfully undertaken on behalf of renewable energy clients and neighboring Fisheries Boards. Funds were also secured from charitable partnership projects such as collaborating with the Atlantic Salmon Trust, Missing Salmon Alliance and Caledonia OWF on project Deveron and our new collaboration with Chivas Brothers named The River Within.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC222802 (Scotland)

Registered Charity number

SC032131

Registered office

The Offices

Avochie Stables

Avochie

Huntly

Aberdeenshire

AB54 7YY

Trustees

Mr J Cruickshank OBE (Chairman)

Mr D Borthwick

Mr R Cooper (Vice Chairman)

Mr F Henderson

Mr R Shields

Mr A Allwood

Company Secretary

Mr J Cruickshank

Independent Examiner

Alan Long FCA

The Long Partnership

4 North Guildry Street

Elgin

Moray

IV30 1JR

Approved by order of the board of trustees on 16 July 2025 and signed on its behalf by:

Mr J Cruickshank - Trustee

Independent examiner's report to the trustees of The Deveron, Bogie and Isla Rivers Charitable Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Alan Long FCA

The Institute of Chartered Accountants in England and Wales

The Long Partnership

4 North Guildry Street

Elgin

Moray

IV30 1JR

16 July 2025

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

124,054

95,056

219,110

196,627

Charitable activities

Monitoring, contract and services

49,040

-

49,040

64,845

Other trading activities

2

53,080

-

53,080

11,878

Investment income

3

-

2,959

2,959

4,428

Total

226,174

98,015

324,189

277,778

EXPENDITURE ON

Raising funds

18,289

-

18,289

9,067

Charitable activities

Monitoring, contract and services

174,051

79,685

253,736

270,660

Other

-

-

-

(2,847

)

Total

192,340

79,685

272,025

276,880

Net gains on investments

-

453

453

3,356

NET INCOME

33,834

18,783

52,617

4,254

Transfers between funds

12

(14,290

)

14,290

-

-

Net movement in funds

19,544

33,073

52,617

4,254

RECONCILIATION OF FUNDS

Total funds brought forward

168,425

162,672

331,097

326,843

TOTAL FUNDS CARRIED FORWARD

187,969

195,745

383,714

331,097

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

7

54,600

-

54,600

45,740

Investments

8

-

165,962

165,962

162,550

54,600

165,962

220,562

208,290

CURRENT ASSETS

Stocks

9

894

-

894

2,067

Debtors

10

40,493

-

40,493

33,949

Cash at bank

100,151

29,783

129,934

93,850

141,538

29,783

171,321

129,866

CREDITORS

Amounts falling due within one year

11

(8,169

)

-

(8,169

)

(7,059

)

NET CURRENT ASSETS

133,369

29,783

163,152

122,807

TOTAL ASSETS LESS CURRENT LIABILITIES

187,969

195,745

383,714

331,097

NET ASSETS

187,969

195,745

383,714

331,097

FUNDS

12

Unrestricted funds

187,969

168,425

Restricted funds

195,745

162,672

TOTAL FUNDS

383,714

331,097

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 16 July 2025 and were signed on its behalf by:

Mr J Cruickshank - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

20% on cost, 15% on reducing balance and 10% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2.	OTHER TRADING ACTIVITIES

31.3.25

31.3.24

£

£

Sponsorships

2,830

2,800

Sales of merchandise and Deveron gin

50,250

9,078

53,080

11,878

3.	INVESTMENT INCOME

31.3.25

31.3.24

£

£

Revaluation of investments

2,959

4,428

4.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.25

31.3.24

£

£

Depreciation - owned assets

11,179

5,279

Surplus on disposal of fixed assets

-

(2,847

)

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

6.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

126,708

69,919

196,627

Charitable activities

Monitoring, contract and services

57,301

7,544

64,845

Other trading activities

11,878

-

11,878

Investment income

-

4,428

4,428

Total

195,887

81,891

277,778

EXPENDITURE ON

Raising funds

9,067

-

9,067

Charitable activities

Monitoring, contract and services

185,929

84,731

270,660

Other

(2,847

)

-

(2,847

)

Total

192,149

84,731

276,880

Net gains on investments

-

3,356

3,356

NET INCOME

3,738

516

4,254

Transfers between funds

311

(311

)

-

Net movement in funds

4,049

205

4,254

RECONCILIATION OF FUNDS

Total funds brought forward

164,376

162,467

326,843

TOTAL FUNDS CARRIED FORWARD

168,425

162,672

331,097

7.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

65,669

60,789

34,319

160,777

Additions

-

-

20,037

20,037

At 31 March 2025

65,669

60,789

54,356

180,814

DEPRECIATION

At 1 April 2024

62,541

51,767

727

115,035

Charge for year

1,313

1,043

8,823

11,179

At 31 March 2025

63,854

52,810

9,550

126,214

NET BOOK VALUE

At 31 March 2025

1,815

7,979

44,806

54,600

At 31 March 2024

3,128

9,022

33,592

45,742

8.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

MARKET VALUE

At 1 April 2024

162,550

Revaluations

3,412

At 31 March 2025

165,962

NET BOOK VALUE

At 31 March 2025

165,962

At 31 March 2024

162,550

There were no investment assets outside the UK.

Cost or valuation at 31 March 2025 is represented by:

Unlisted

investments

£

Valuation in 2023

154,766

Valuation in 2024

7,784

Valuation in 2025

3,412

165,962

9.

STOCKS

31.3.25

31.3.24

£

£

Stocks

894

2,067

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

8,498

8,503

Other debtors

24,372

18,530

VAT

3,069

2,766

Prepayments

4,554

4,150

40,493

33,949

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

7,079

6,059

Accrued expenses

1,090

1,000

8,169

7,059

12.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.4.24

in funds

funds

31.3.25

£

£

£

£

Unrestricted funds

General fund

146,653

33,834

(16,447

)

164,040

Designated fund

21,772

-

2,157

23,929

168,425

33,834

(14,290

)

187,969

Restricted funds

Improvement Fund

162,550

3,412

-

165,962

The Scottish Species Initiative Project

-

532

13,230

13,762

Open Rivers Programme

122

(1,161

)

1,060

21

Calidonia OWF

-

16,000

-

16,000

162,672

18,783

14,290

195,745

TOTAL FUNDS

331,097

52,617

-

383,714

Net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

226,174

(192,340

)

-

33,834

Restricted funds

Improvement Fund

2,959

-

453

3,412

The Scottish Species Initiative Project

79,056

(78,524

)

-

532

Open Rivers Programme

-

(1,161

)

-

(1,161

)

Calidonia OWF

16,000

-

-

16,000

98,015

(79,685

)

453

18,783

TOTAL FUNDS

324,189

(272,025

)

453

52,617

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1.4.23

in funds

funds

31.3.24

£

£

£

£

Unrestricted funds

General fund

164,239

3,738

(21,324

)

146,653

Designated fund

137

-

21,635

21,772

164,376

3,738

311

168,425

Restricted funds

Improvement Fund

154,766

7,784

-

162,550

The Scottish Species Initiative Project

-

311

(311

)

-

Open Rivers Programme

7,701

(7,579

)

-

122

162,467

516

(311

)

162,672

TOTAL FUNDS

326,843

4,254

-

331,097

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

195,887

(192,149

)

-

3,738

Restricted funds

Improvement Fund

4,428

-

3,356

7,784

The Scottish Species Initiative Project

69,919

(69,608

)

-

311

Open Rivers Programme

7,544

(15,123

)

-

(7,579

)

81,891

(84,731

)

3,356

516

TOTAL FUNDS

277,778

(276,880

)

3,356

4,254

A current year 12 months and prior year 12 months combined position is as follows:

Net

Transfers

movement

between

At

At 1.4.23

in funds

funds

31.3.25

£

£

£

£

Unrestricted funds

General fund

164,239

37,572

(37,771

)

164,040

Designated fund

137

-

23,792

23,929

164,376

37,572

(13,979

)

187,969

Restricted funds

Improvement Fund

154,766

11,196

-

165,962

The Scottish Species Initiative Project

-

843

12,919

13,762

Open Rivers Programme

7,701

(8,740

)

1,060

21

Calidonia OWF

-

16,000

-

16,000

162,467

19,299

13,979

195,745

TOTAL FUNDS

326,843

56,871

-

383,714

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

422,061

(384,489

)

-

37,572

Restricted funds

Improvement Fund

7,387

-

3,809

11,196

The Scottish Species Initiative Project

148,975

(148,132

)

-

843

Open Rivers Programme

7,544

(16,284

)

-

(8,740

)

Calidonia OWF

16,000

-

-

16,000

179,906

(164,416

)

3,809

19,299

TOTAL FUNDS

601,967

(548,905

)

3,809

56,871